MHP majority shareholder pledges 50% of company

MHP (LSE: MHPC LI) majority shareholder, Yuriy Kosyuk, announced that it pledged 50.1% of the total outstanding issued capital of MHP owned through WTI Trading Limited as a part of an unspecified financing transaction to Morgan Stanley with maturity expected in April 2014, according to an MHP press release issued yesterday. These terms constitute amendments to the lock-up arrangements entered into by WTI Trading Limited in connection with the sale of GDRs in December 2010. Following restructuring of the lock-up arrangement, a portion of WTI’s ordinary shares in MHP will be released from the lock-up arrangement and pledged to Morgan Stanley as security for this unspecified financing transaction.